The market system fails to provide the efficient output of public goods because:
a. people place no value on public goods.
b. private firms cannot restrict the benefits from those goods to consumers who are willing to pay for them.
c. public enterprises can produce those goods at lower cost than private firms.
d. public goods create widespread spillover costs.
Question 2
If Japan does not have a comparative advantage in producing rice, the consequences of adopting a Japanese policy of reducing or eliminating imports of rice into their country would include:
a. making the price of rice in Japan rise.
b. making the real incomes of Japanese rice producers rise, but the real incomes of Japanese rice consumers fall.
c. making the real incomes of non-Japanese rice exporting countries lower.
d. all of the above
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